Indofil Industries Limited

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Company Overview

Indofil Industries Limited, a flagship company of the K.K. Modi Group, is a fully integrated, multi-product chemical company with a strong legacy dating back to 1962. Originally incorporated as Indofil Chemicals Limited, a subsidiary of Rohm and Haas Company, USA, the company underwent multiple restructurings before becoming Indofil Industries Limited in 2010. Headquartered in India, Indofil is a leading player in the agrochemical and specialty chemical sectors, offering a broad portfolio of crop protection products and industrial chemicals. The company has built a robust global presence, operating in over 96 countries, with a direct footprint through subsidiaries in Europe, Brazil, Philippines, Bangladesh, and Costa Rica.

It plans to invest ₹250 crore to establish a production facility with a capacity of 150,000 units annually, primarily focused on 155 mm artillery shells. An initial ₹40 crore investment has been raised via preferential issue from the parent company, with additional funds secured from institutional investors.

Indofil’s strength lies in its R&D-driven approach, state-of-the-art manufacturing facilities in Maharashtra and Gujarat, and a strong distribution network that mirrors its successful domestic model internationally. It operates manufacturing units with a combined capacity exceeding 120,000 TPA and has strategically entered into a joint venture with Shanghai Baijin Group for backward integration of key raw materials. The company’s certifications including ISO 9001, ISO 14001, and OHSAS 18001 reflect its commitment to global quality standards and sustainability.

With over 100 branded products, 8 patents, and a dedicated workforce of more than 1,000 employees, Indofil continues to be a trusted name among farmers and industrial clients alike. The company generates approximately 50% of its revenue from international markets and has demonstrated resilience and growth through continuous innovation, strong operational execution, and strategic market expansion. Despite legal disputes within the promoter family and the absence of IPO plans, Indofil remains an attractive opportunity in the unlisted space due to its strong fundamentals, improving profitability, and comparatively low valuation.

 
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Fundamentals

ParticularsDetailsParticularsDetails
Share Price₹1,295Lot Size25 Shares
52 Week High₹1,55052 Week Low₹1,050
Market Cap₹2,973 CrFace Value₹10
P/E Ratio8.96P/B Ratio0.74
ROE (%)8.31Book Value₹1,744.17
Debt to Equity Ratio0.09Total Shares2,29,58,222
DepositoryNSDL & CDSLRTAMAS Services Limited
ISININE071I01016PANAABCI4568D
CINU24110MH1993PLC070713

Promoters & Managements

NameDesignation
Dr. Bina ModiChairman & MD
Ms. Charu ModiExecutive Director
Rajinder MalhotraCEO
Share Buy Sell Form

Income Statement
Balance Sheet
Cash Flow

Profit & Loss Statement (₹ in Crores)

Particulars2021202220232024
Revenue2,4312,7953,0373,069
Cost of Material Consumed1,1491,9011,9231,697
Gross Margins (%)52.7431.9936.6844.71
Change in Inventory120-26218137
Employee Benefit Expenses211219202219
Other Expenses494580514574
EBITDA457357380442
Operating Profit Margin (%)18.812.7712.5114.4
Other Income-1208793108
Finance Cost65454639
Depreciation & Amortization112908789
EBIT345267293353
EBIT Margin (%)14.199.559.6511.5
Profit Before Tax (PBT)160308339422
PBT Margin (%)6.5811.0211.1613.75
Tax93899790
Profit After Tax (PAT)67219242332
Net Profit Margin (%)2.767.847.9710.82
Earnings Per Share (EPS) ₹31.46102.82113.62155.87

Balance Sheet (₹ in Crores)

Assets

Particulars2021202220232024
Fixed Assets640602698687
Capital Work in Progress (CWIP)83119150138
Investments7118991,4642,333
Trade Receivables721785758903
Inventory356641689525
Other Assets753798373.5571
Total Assets3,2643,8444,132.55,157

Balance Sheet (₹ in Crores)

Assets

Particulars2021202220232024
Fixed Assets640602698687
Capital Work in Progress (CWIP)83119150138
Investments7118991,4642,333
Trade Receivables721785758903
Inventory356641689525
Other Assets753798373.5571
Total Assets3,2643,8444,132.55,157

Liabilities

Particulars2021202220232024
Share Capital21.321.321.321.3
Face Value (₹)10101010
Reserves1,9312,1992,8963,973
Borrowings654679559363
Trade Payables373818439477
Other Liabilities284.7126.7217.2322.7
Total Liabilities3,2643,8444,132.55,157
Particulars2021202220232024
Share Capital21.321.321.321.3
Face Value (₹)10101010
Reserves1,9312,1992,8963,973
Borrowings654679559363
Trade Payables373818439477
Other Liabilities284.7126.7217.2322.7
Total Liabilities3,2643,8444,132.55,157

Cash-Flow Statement (₹ in Crores)

Particulars2021202220232024
Profit Before Tax (PBT)141296295364
Operating Profit Before WC Changes (OPBWC)478390410470
Change in Receivables44-926-142
Change in Inventories103-285-47164
Change in Payables125323-37142
Other Working Capital Changes3833-2-15
Working Capital Change31062-39449
Cash Generated from Operations78845216519
Taxes Paid-26-55-83-93
Cash Flow from Operations762397-67426

Investing Activities

Particulars2021202220232024
Purchase of PPE-55-73-86-66
Sale of PPE02511
Other Investment Activities-131-15148
Cash Flow from Investment-186-63-84-17

Financing Activities

Particulars2021202220232024
Borrowings (Net)-458-86-130-195
Dividend Paid-11-18-9-21
Equity Raised0000
Other Financing Activities-83-47-45-41
Cash Flow from Financing-552-151-184-257

Net Cash Position

Particulars2021202220232024
Net Cash Generated79231-250217
Cash at the Beginning185294391140
Cash at the End264525141357
Share Buy Sell Form

Share Holding Pattern

Shareholder Name% Holding
K.K. Modi Investment and Financial Services43.87%
U.P. State Industrial Development Corporation9.45%
Rajputana Developers Limited8.89%
APMS Investment Fund Limited (FII)6.81%
Modi Industries Limited5.08%
Others25.90%